Rivian funds $1 billion 10-year term loan facility from Volkswagen Group
RIVN•Rivian funded a committed $1 billion, 10-year term loan facility tied to its Volkswagen joint venture. The non-recourse facility carries a 6.03% fixed rate and is secured by Rivian’s 50% joint venture equity interest.
1. Loan structure and terms
The joint venture drew Loan A and then funded Rivian’s special-purpose vehicle’s Loan B distribution to Rivian. Both loans mature on Oct. 7, 2036; principal amortization begins in year three at $100 million annually, paid semi-annually. Interest is paid semi-annually, with the first payment due on the second anniversary, and Loan B allows penalty-free prepayment when Loan A is prepaid by the matching amount.
